0001193125-03-056076 Sample Contracts

SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • September 30th, 2003 • Mercantile Funds Inc • Maryland

AGREEMENT made this 31st day of July, 2003, between Mercantile Capital Advisors, Inc. (the “Adviser”), an investment adviser having its principal place of business in Baltimore, Maryland, and Boyd Watterson Asset Management, LLC (the “Sub-Adviser”), an investment adviser having its principal place of business in Cleveland, Ohio.

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RENEWAL OF TERMS TO REVOLVING CREDIT AGREEMENT
And Security Agreement • September 30th, 2003 • Mercantile Funds Inc • Ohio

This RENEWAL OF TERMS TO REVOLVING CREDIT AGREEMENT (the “Renewal”) is entered into as of this 11th day of August, 2003 by and between MERCANTILE FUNDS, INC., a Maryland Corporation formerly known as M.S.D.&T. Funds, Inc. (the “Borrower”) and FIFTH THIRD BANK, an Ohio banking corporation (the “Bank”).

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